South Dakota § 51A-15-30 Limitations on powers of director or receiver in liquidating bank.

South Dakota Statutes

§ 51A-15-30 — Limitations on powers of director or receiver in liquidating bank.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-15 SUSPENSION AND LIQUIDATION OF BANKS

In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:

(1)Sell any asset of the bank having an appraised value in excess of five thousand dollars;

(2)Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or (3) Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).

Free access — add to your briefcase to read the full text and ask questions with AI

In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court: (1) Sell any asset of the bank having an appraised value in excess of five thousand dollars; (2) Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or (3) Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).

South Dakota § 51A-15-30 (Limitations on powers of director or receiver in liquidating bank.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.